Having collected metric butt tons of web gear over the ages (albeit it WWII and KW era primarily) that things screams either "Experimental" or "Complete fantasy FUBAR".
It really LOOKS like it could be something thrown together as proof of concept and it certainly LOOKS USGI-ish.
I agree with Kaiserman that POST VN war is HIGHLY unlikely because of the lift the dots AND because this is canvas AND because the M67 Ammo Pouches for the 30's are a FAR better option than this thin fragile looking rig.
I'd like to see it with a 30 round M16 mag and a 30 round M1 Carbine mag for better scale.
The material and overall look remind me of KW era M1 Carbine mag pouches for 4-30 rounders.
You know the ones. Cheap flimsy repros all over creation and real ones (or even quality repros) near impossible to find. (I fuggin HATE these as far as actual usefulness. They are HORRIBLE bits of kit!)
That being said I'd LOVE to have a rig like this for the M1 Carbine! Two mags in each pouch! 480 of firepower!